The major indices have all opened well beneath their flat lines with the tech-heavy Nasdaq (-1.2%), Dow Jones Industrial Average (-1.3%), and the S&P 500 (-1.3%) pacing one another.

All ten sectors have opened in the red with energy (-2.5%), telecom services (-2.2%), and materials (-2.1%) showing the largest losses. On the flipside, consumer staples (-0.8%), utilities (-0.9%), health care (-1.0%), and consumer discretionary (-1.0%) have the best performances so far today. Interesting to note, on the NYSE decliners outnumber advancers 7 to 1.

Meanwhile in commodities, WTI crude remains near its low with oil trading down 3.5% at $34.72/bbl.

In Treasuries, the benchmark note trades near its high with yield on the 10-yr lower by five basis points at 2.19%.

Telsey Advisory Group downgrades Chipotle Mexican Grill, Inc.(NYSE:CMG) to Market Perform from Outperform and sets target price at $555 following co’s recent update released earlier today. In that 8-K filing update, mgmt noted that its December period SSS had declined 30.0%, though recovering from a -37.0% negative trend earlier in the period. For its full 4QF15 (Dec), SSS are now guided to be down 14.6% — lower than its December 4th released estimate of down 8-11% and firms’ prior est to 13.0%. Given the lower 4Q SSS guidance, EPS for the quarter is now guided to be $1.70-1.90 — also lower than its previous est of $2.45-2.85 and firm’s prior est of $2.63.

Rosenblatt notes Yahoo! Inc.(NASDAQ:YHOO) is dropping its online video service (Screen), which was only launched less than two years ago for original and licensed/syndicated programming. While this can be a short term cost reduction move, it further increases the challenges Yahoo! faces in driving audience and usage growth, and therefore likely leads to Yahoo!’s properties being even less relevant to advertisers overall, es-pecially large brand advertisers. They’re hard pressed to think of a buyer that would pay a significant premium for Yahoo!’s core business vs. what is already factored into the stock. With the latest move to drop Screen and reduce operating expenses, it seems more likely to be dressing up the core business for sale to private equity, or per-haps an M&E company, which already has a video content portfolio. But, we still think that would in either case fall short of a premium takeover valuation on Yahoo!’s stock.